Personally I have found the so called boom over the last 10 years very strange.

How can you be classed as a property owner, when you are on a 100% mortgage deal, and why were people so proud of themselves to be on the property ladder when they were paying anything up to £1000 per month........... all to be on the 1st rung of the ladder.

What is your situation now? have you paid off your mortgage, been frugal, saved and are now in a good situation to ride out this impending crash?

Or have you been spending with the enthusiasm of a rabbit in a lettuce shop, and are now in the poo poo.

What do you think of the boring savers now? do you wish you were in their situation, or alternatively if you were one of the boring savers, do you wish you had spent like a mad man while interest rates were low?

Does it matter?

Your thread is interesting but only if people are honest
The way youve written it doesnt isnpire me to open my heart to you
And if I was in the poo poo as you put it then I doubt Id be that keen on telling you

Wait 2 years

Then we'll all know how this will have panned out

Deepak

i think everyone deserve everything coming to then in the next few years

Some of us haven't spent up to the hilt on multiple loans and remortgages, and were savvy enough to catch one of the last 10 year fixed deals for our last mortgage revision

We don't do foreign holidays, we don't drive a flash car, a night out is a couple of pints in a good dog pub, I don't pay somebody to do my nails or colour my skin... somehow I suspect we're not going to be hit that hard when the bubble bursts ;)

We took a 100%+ mortgage. Doesnt make us bad people. We bought the right house for the right price. bought the house for 85k and borrowed 90k. As it happens the house rocketed in value and is now worth 105k-110k. Not bad for 18 months hard work. We overpay on our mortgage, dont go out often, go on holiday as before and have 3 cars 2 of which are classic. We didnt stretch our selves to the limit we were sensible with what we could afford and have reaped the benefits of doing so. We dont spend much on our credit cards and have money left in the bank at the end of every month. I aslo suspect we will not be affected by the credit crunch.

We rent our house, have no savings and no debt. Can't see us being affected!

Some of us haven't spent up to the hilt on multiple loans and remortgages, and were savvy enough to catch one of the last 10 year fixed deals for our last mortgage revision

We don't do foreign holidays, we don't drive a flash car, a night out is a couple of pints in a good dog pub, I don't pay somebody to do my nails or colour my skin... somehow I suspect we're not going to be hit that hard when the bubble bursts ;)

but do you call that a good level of living, just to afford a roof over your head, how wrong is this country if you cant afford a nice house and foreign holiday/nice car etc

good grief - I didn't post on this thread to have somebody decide for me how my life should be lived :roll:

I can't stand hot weather, the car's pretty new but nothing spectacular, we enjoy our weekends hillwalking with our hound, and weekends staying with family or in Scotland, and I have no aspiration to look like a WAG - sorry if my idea of a good life doesn't line up with your's

oh, and a nice house? we have 3 sofas and a dining table in the living room - draw your own conclusions

(I should know better than to post when I'm this tired :suspect: )

good grief - I didn't post on this thread to have somebody decide for me how my life should be lived :roll:

I can't stand hot weather, the car's pretty new but nothing spectacular, we enjoy our weekends hillwalking with our hound, and weekends staying with family or in Scotland, and I have no aspiration to look like a WAG - sorry if my idea of a good life doesn't line up with your's

oh, and a nice house? we have 3 sofas and a dining table in the living room - draw your own conclusions

(I should know better than to post when I'm this tired :suspect: )

If its of any consolation Strix, I think a good life is whatever makes you happy. For somepeople spending all they have on their house is enough to make them happy. Personally I like to have money to spend so that wouldn't be ideal for me, but I rent at the minute and can't afford holidays abroad and to have my nails done etc!

I'm quite glad we held off buying at the minute because we probably would be one ifo the 100% mortgage casualties.

If its of any consolation Strix, I think a good life is whatever makes you happy.Oh good, and thank you, I was beginning to think the rest of the world had gone mad there for a minute ;)

In reality, we're comfortably off to be owed money by other members of the family, so we're not even spending it all on the house

now if those 'other members' could just sort themselves out so we can have our money back and get on with some bathroom re-fitting...

I heard an interesting point of view from a caller on the radio this week on a finance programme. He was saying that there is a large bubble of people who are approaching 65 in the next 2 or 3 years. They were lots of extra babies born just after the war, and so this cohort of people are an unusually large number.

Anyhow, he reckons that many of these people will be seeking to downsize from their larger houses in the next 5 years as they seek to improve their pensions. Not needing a large family house any longer.
Therefore it is possible that there might be a glut of larger houses in the next decade, being sold off at bargain prices. As I drive around some of the leafier suburbs near to woodseats of large detached and semi detatched houses, I wonder whether people like myself should take advantage of upgrading if this happens in the future so that when I get to that age I can do the same ?

but do you call that a good level of living, just to afford a roof over your head, how wrong is this country if you cant afford a nice house and foreign holiday/nice car etc

May be that is what is wrong with this country. Foreign holidays or nice cars are seen as nessecities rather than the luxaries they are. A lot of people are borrowing on cheap credit to do these sort of things, where instead they could comprimise (not go on holiday or get a less expensive car) and save money.

It'd a bit like those loan consolidation advert - consolidate and you could have some left over for a new car or a holiday. Crazy...

but do you call that a good level of living, just to afford a roof over your head, how wrong is this country if you cant afford a nice house and foreign holiday/nice car etc

There's nothing wrong with this country that you won't find anywhere else to greater or lesser degree. It's people that make life what it is, good or bad. Loads of people have lovely houses, cars and foreign holidays so what on earth are you on about?

There's nothing wrong with this country that you won't find anywhere else to greater or lesser degree. It's people that make life what it is, good or bad. Loads of people have lovely houses, cars and foreign holidays so what on earth are you on about?

I do think a lot of people are disillusioned by life, They see others having foreign holidays, nice homes and want the same so they get in debt, One of my friends partners got way over his head in debt and decided the best way out of it was to claim bankruptcy .. which really peed me off a bit.
I had nothing when I left home and worked really hard to get to the top which isn't easy in a mans world. I am lucky that we have no debt problems and never have. I now have people that work for me, I own 2 successful companies as well as holiday property, support many charities and also have time to do my volunteer work. I got to where I am now through hard work and not letting people walk all over me. If you want something bad enough go out and get it. Don't buy things you can't afford thinking that something will come along, as it wont unless you go out and make it happen.

how many lamp posts and bus shelters have you hit driving your bus? :hihi:

Personally I have found the so called boom over the last 10 years very strange.

How can you be classed as a property owner, when you are on a 100% mortgage deal, and why were people so proud of themselves to be on the property ladder when they were paying anything up to £1000 per month........... all to be on the 1st rung of the ladder.

What is your situation now? have you paid off your mortgage, been frugal, saved and are now in a good situation to ride out this impending crash?

Or have you been spending with the enthusiasm of a rabbit in a lettuce shop, and are now in the poo poo.

What do you think of the boring savers now? do you wish you were in their situation, or alternatively if you were one of the boring savers, do you wish you had spent like a mad man while interest rates were low?

Personally I have found the so called boom over the last 10 years very strange.

How can you be classed as a property owner, when you are on a 100% mortgage deal, and why were people so proud of themselves to be on the property ladder when they were paying anything up to £1000 per month........... all to be on the 1st rung of the ladder.

What is your situation now? have you paid off your mortgage, been frugal, saved and are now in a good situation to ride out this impending crash?

Or have you been spending with the enthusiasm of a rabbit in a lettuce shop, and are now in the poo poo.

What do you think of the boring savers now? do you wish you were in their situation, or alternatively if you were one of the boring savers, do you wish you had spent like a mad man while interest rates were low?

Life is very expensive for young people. If they were offered a mortgage that was affordable why shouldn't they have took it?

May be that is what is wrong with this country. Foreign holidays or nice cars are seen as nessecities rather than the luxaries they are. A lot of people are borrowing on cheap credit to do these sort of things, where instead they could comprimise (not go on holiday or get a less expensive car) and save money.

It'd a bit like those loan consolidation advert - consolidate and you could have some left over for a new car or a holiday. Crazy...

That's what I thought!! Why are people never grateful for what they have and why do they think it's a god given right that they should have property/car/holidays? What happens when we have everything - what do we aspire to then?

It's fine when you've got a property with ample equity to scoff at people with 100% mortgages and it's fair to say many have over-stretched and are now over-committed.

I am lucky to say neither applies to me. But very many of those people have/had no choice or very little choice. Prices for starter homes were explosive so there is pressure to buy quickly because any savings will be effectively lost by the increase in prices while buyers are saving for a deposit. Buyers also very often followed the acted on the advice of professional advisers who, in reality, seldom had the borrowers interests at heart...or anywhere else.

In addition to that most people cannot turn to their parents for example for a deposit or hand up, are still paying pretty significant sums in rent and in the starter homes market are competing against developers and often greedy middle aged people who fancy buying up a couple of terraces and so have to commit themselves even more. Young people also often have debts from their education their parents did not have. Some of those debts might have been fecklessly run up but many are not and finger wagging and smugness don't do this issue justice.

Life is very expensive for young people. If they were offered a mortgage that was affordable why shouldn't they have took it?

because they will be skint for the next 5-10 years

We all have to live somewhere.If it costs the same to buy as it does to rent then a lot of people take the decision that they would prefer to build up a home for their future rather than fund someone else's pension.
I for one had a 125% mortgage taken out 4 yrs ago, its now 85% of value of property.
If I had not bought I would have either had private rent as there's not much chance of a council or housing association property.
It does concern me about mortgage rates but I have survived worse and know that one day i'll own this place outright.

We all have to live somewhere.If it costs the same to buy as it does to rent then a lot of people take the decision that they would prefer to build up a home for their future rather than fund someone else's pension.
I for one had a 125% mortgage taken out 4 yrs ago, its now 85% of value of property.
If I had not bought I would have either had private rent as there's not much chance of a council or housing association property.
It does concern me about mortgage rates but I have survived worse and know that one day i'll own this place outright.

Glad its not just me that takes this point of view. A few years of being skint is worth it to own your own home.

Personally, I am one of the fortunate one's with a miniscule mortgage. One thing that I learnt when I bought my first house was the stretch test. If my mortgage was to rise by 2 percent, would I be able to make the repayments. This dictated the maximum value of property I could afford, and I certainly did not take out a 100% loan. from memory I think it was in the region of 50% or 60% because I had a healthy deposit.

Despite all the doom and gloom and the word "crash" being used, I personally think it will be a soft landing and probably no growth for a while, allowing salaries to catch up (to a degree).

We did well selling our first time house last year (Victorian terrace) .. and bought this house (semi in suburbia) quick cheap as it needed (and still needs) gutting of blown vinyl and hideous carpets.... new kitchen and bathroom wouldn't go amiss too!!

But.. we only have a 70% mortage which means even if the market falls we shouldn't end up in negative equity.. Our problem is we don't have any spare money to do the house up with - every penny is spent on fuel, household bills and food - all of which have shot up in the year since we moved, and wages haven't:mad:

We are in a similar position

Our mortgage is relatively small compared to many people we know and still have another 19 months left on our fixed rate. Obviously it is a concern when the fixed rate finishes, but our biggest problem at the moment is the simple cost of living. Do you remember the national outcry when fuel went up to a pound a litre? Now everyone has settled for paying £1.05 upwards without even a murmer of disapproval! I payed £1.46 for a loaf of bread the other day - ouch!!!!!!!!! :loopy:

True, but outcry? There is no option, the demands for foodstuffs and commodities are dictated by demand, which for those goods in inelastic i.e. even if the price rises, the demand will be at best unchanged, it certainly won't fall and so the only way to make prices fall is to reduce consumption of these things, which is equally difficult.

You're not out of the poo even if you have no mortgage. Our house was bought cash (a loooong time ago), but it makes no difference if first time buyers cannot get a loan to buy it when/if we want to move - we rely on them getting deals so that we can move on. As it happens now, first time buyers are simply not getting deals at all. The only consolation is that once the bottom rung falls out, the prices will plummet and all the other prices will follow them down and it will even out - hopefully. :(

You're not out of the poo even if you have no mortgage. Our house was bought cash (a loooong time ago), but it makes no difference if first time buyers cannot get a loan to buy it when/if we want to move - we rely on them getting deals so that we can move on. As it happens now, first time buyers are simply not getting deals at all. The only consolation is that once the bottom rung falls out, the prices will plummet and all the other prices will follow them down and it will even out - hopefully. :(

This is only a problem if you plan on moving. If not you can sit tight and watch the world go by. As more and more people dont move this creates a shortage of property and the cycle begins all over again. Supply and demand.

This is only a problem if you plan on moving. If not you can sit tight and watch the world go by. As more and more people dont move this creates a shortage of property and the cycle begins all over again. Supply and demand.

Well, we will need to move so it is a problem ;) Our house is 100% superb for a couple without kids as it's so handy for the city centre but now we need things like a big garden so the idea of a 'nice semi' looms ;)

I am stuck in a house in S10. We have found our ideal future home in the Peak Dristrict but just can't sell our current home. After slashing 20% off the asking price we still can't sell it.

There also seems to be stacks of property coming on to the market from landlords cashing in on lower capital gains tax rates and low demand from students who are moving in to town appartment complex's.

Added to the above the mortgage market is in a mess, people can no longer get 100% mortgages (which is a good thing in many ways), so the first time buyers that were fuelling the market just don't seem to be about. I suspect FTB's are just sitting and waiting to see if they can get a bargain. Their argument is: why buy now when I can probably buy cheaper in a few months time? To be honest I can't fault their view. If I was a first time buyer I wouldn't buy now with high lending rates (not affected by the BOE cuts), falling prices and a glut of property being shunted on to the market by landlords.

Of course the ever changing market is not really a bad thing. Prices will fall and more people will be able to get on the ladder in the medium to long term.

If we do see a 30% drop in prices then we really will be in a recession and a global one at that. We will all be in the same boat, so there's no point getting to uptight about the market. We all lose in the end.

[QUOTE=nickyboyzuk;3435665]I am stuck in a house in S10. We have found our ideal future home in the Peak Dristrict but just can't sell our current home. After slashing 20% off the asking price we still can't sell it.
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QUOTE]

Now you've dropped the price prospective buyers will wait and see if you drop it further. You have shown a willingness to drop so they will offer low if at all.

Well after 6 months on the market, what can you do? When you have 6 properties for sale on your road and 8 awaiting tenants there isn't much you can do.

Some of us haven't spent up to the hilt on multiple loans and remortgages, and were savvy enough to catch one of the last 10 year fixed deals for our last mortgage revision

We don't do foreign holidays, we don't drive a flash car, a night out is a couple of pints in a good dog pub, I don't pay somebody to do my nails or colour my skin... somehow I suspect we're not going to be hit that hard when the bubble bursts ;)

On the contrary - people like you and I will be the ones left picking up the pieces through years of higher taxation.

Some of us haven't spent up to the hilt on multiple loans and remortgages, and were savvy enough to catch one of the last 10 year fixed deals for our last mortgage revision

We don't do foreign holidays, we don't drive a flash car, a night out is a couple of pints in a good dog pub, I don't pay somebody to do my nails or colour my skin... somehow I suspect we're not going to be hit that hard when the bubble bursts ;)

Same here, bought within my means, no credit cards and luckily for me, the last time I remortaged I choose the tracker variety, so my mortgage has come down a bit over the last few months.

I am looking at what I spend on groceries more, but other than this I don't feel too worried by the current situation.

Having said this, it does concern me about the families that do get into a mess, simply because most people have to buy a house these days, in order to have some where to live. Council housing being in short supply.

Well after 6 months on the market, what can you do? When you have 6 properties for sale on your road and 8 awaiting tenants there isn't much you can do.

You need to make your house a more attactive prospect. Offer some incentives. Have an open day. Is worrying to buyers though that so many homes are for sale on the same street.